Among hotel companies, Marriott is probably right up there with names like Hilton, Ramada, and Sheraton in terms of recognition. Starwood Hotels may sound a little less familiar, yet it’s also the owner of some of the most luxurious and acclaimed hotels, namely its ultra popular W brand, famous for its unique Whatever/Whenever service. Coincidentally, Sheraton is one of the brands owned by Starwood Hotels. What happens when Marriott and Starwood Hotels combine? We will soon find out.
Marriott International has agreed to purchase Starwood Hotels and Resorts for just over $12 billion in cash and stock. With the purchase, Marriott catapults itself to the very top when it comes to the largest hotel companies in the world. Marriott president and chief executive Arne M. Sorenson cites growth as the primary reason behind the purchase.
Despite its high profile brands like St. Regis, the Starwood Hotels stock was trading behind its peers, Starwood was seeking strategic alternatives, and one of them was seeking a potential buyer. InterContinental Hotels Group and Hyatt were other names reported to be interested in Starwood Hotels.
Collectively, Marriott and Starwood will now have over 5,500 owned or franchised properties with over 1 million rooms around the world. With the purchase the companies will now have a presence in over 100 countries.
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